Jammu & Kashmir Bank announced Q1FY23 Result : On Growth Path, J&K; Bank Q1 net up 59% YoY Net Interest Income rises as Cost to Income Ratio moderates Carrying forward the annual-performance momentum, J&K; Bank net profit rose 48% Quarter-on-Quarter (QoQ) and 59% Year-on-Year (YoY) to Rs 165.97 Cr for the first quarter (Q1) of FY 2022-23, when compared to Rs 112.20 Cr and Rs 104.32 Cr recorded for the fourth and first quarter of the last financial year respectively. Witnessing 6-times jump in sequential terms, the Banks operating profit sharply rose to Rs 381.45 Cr from Rs 62.21 Cr registered during the fourth quarter of last financial year. The Bank’s Cost to Income Ratio for the quarter is at 69.17% During the quarter, the Bank's NII rose 6.7% YoY and 6.02 % QoQ to Rs 1034.23 Cr when compared to Rs 969.29 Cr and Rs 975.50 Cr recorded during the first and fourth quarter of the last financial year, while as the Bank’s other-income grew 3% QoQ to Rs 202.94 Cr. The Net Interest Margin (NIM) is 3.46% as against 3.41% recorded on March 31, 2022. Up by 5.6% sequentially, Bank’s operating income grew by 4% YoY to Rs 1237.17 Cr when compared to Rs 1190.30 Cr recorded on June 30, 2021. Commenting upon the Bank’s results, MD & CEO Baldev Prakash said, “Despite migration hassles due to technology upgradation to Finacle 10, the Q1 numbers are good and have provided the much needed impetus to achieve business goals in coming quarters. The performance on operational parameters has been encouraging and the slightly moderated Cost to Income Ratio is quite a bit of relief after hovering well above the 70% levels for 3 consecutive quarters.” Result PDF
Jammu & Kashmir Bank announced Q4FY22 results: J&K; Bank today registered annual net profit of Rs 501.56 crore for FY22 witnessing 16% YoY growth when compared to Rs 432.12 crore recorded last financial year, while delivering net profit of Rs 112.20 crore for Q4 of the current financial year. During the fourth quarter, the Bank’s other income rose 10% YoY to Rs 196.45 crore while as the total income increased by 7% to Rs 1171.95 crore. Commenting upon the annual financial results, Bank’s MD & CEO Baldev Prakash said, “Well, numbers do tell their own story and the story is that after long we have surely strengthened and stabilized as a financial institution. We have left the worst far behind us as it’s after seven longyears, the Bank has consolidated its balance-sheet and clocked over Rs 500 Cr as annual profits. Our YoY and QoQ growth in business is consistent and provides the Bank requisite drive to grow and leap ahead with more strength and confidence.” “Preferring stability and consolidation of balance-sheet over profits, the Q4 numbers express our resolve to strengthen balance-sheet while making sustained profits, as we have provided for our liabilities besides making voluntary provisioning for some non-financial obligations that were not mandated and could be met over a period of next five years as per the board approvals. This has been done consciously to provide ourselves enough head-room for delivering better returns to our investors while going forward”, he added. Regarding the strategy for achieving Bank’s business goals, he said, “For achieving our growth objectives, a comprehensive strategy review has been completed. As last leg of the reviewing process we organised a maiden but very fruitful Strategy Conclave in Srinagar last week that helped us to conclude the most enriching and exhaustive business strategy review of the Bank and delineate the future course of action by taking the all concerned stakeholders on board.” He further said, “Although growth in J&K; has generally been around 10% both for Deposits as well as advances even during the crisis situations but the green shoots of shift in stance in our Rest of India (ROI) business strategy have begun appearing with QoQ growth of 6% in our ROI loan book, which has happened after witnessing de-growth during last few consecutive years.” Summing up his future view of the Bank’s position and performance, MD & CEO said, “With record tourist-inflow this year, Governmental emphasis on increased infra-structure spend and investment climate obtaining favorably in our core geography of J&K; and Ladakh, we can see the promising scenario emerging for us as premier financial institution of the region that is expected to grow ahead and gain further significance in short as well as long-term.” Result PDF
Jammu and Kashmir Bank declares Q3FY22 result: J&K; Bank Q3 net profit jumps up 163% YoY to Rs 173.95 Cr J&K; Bank Net Profit has witnessed steep rise of 164% in the December Quarter of FY 2021-22. The bank stated this after its Board of Directors reviewed and approved the numbers for third quarter and nine-months ended December 31, 2021 in a meeting held today at Bank’s Zonal Office in Gurgaon, New Delhi. The profits have more than doubled YoY to Rs 173.95 Cr from Rs 65.94 Cr recorded for the third quarter of the last financial year, while as in aggregate terms, the bank has earned Rs 389.36 Cr net profit for nine-months, which is 235% up against Rs 116.37 Cr clocked during nine-months of the last fiscal. The bank’s net interest income, or core income, has increased by 3 % for nine-months YoY to Rs 2935.73 Cr from Rs 2853.36 Cr recorded for the corresponding period last year. The Net Interest Margin (NIM) has been recorded at a comfortable level of 3.67 % (annualized) for nine-months and the Cost of Deposits has come down by 55 bps to 3.66% from 4.21% recorded last financial year. The Bank’s CASA Ratio continues to remain as one of the industry best at 56.32% Result PDF
Highlights: Half-yearly (H1) net profit for the Current Financial Year (2021-22) jumped over four-times Year-on-Year (YoY) to Rs 215.41 Cr when compared with Rs 50.43 Cr recorded during the corresponding period of the last financial year. September quarter (Q2), 2021, the Bank posted Rs 111.09 Cr as net profit registering 153% rise as compared to Rs 43.93 Cr recorded for the corresponding quarter previous year. During the reported quarter, J&K; Bank’s net interest income (NII) rose by 3 per cent YoY to Rs 973.14 Cr as compared to Rs 942.61 Cr recorded last year. Meanwhile, the net interest margin (NIM) for the quarter was at 3.65%. Asset-quality remained stable as net NPA’s of the Bank as percentage to net Advances ratio stood at 3.02 % while as the Bank's gross NPA ratio has improved by 74 basis points in sequential terms to 8.95 % from 9.69% recorded for earlier quarter. The Provision Coverage Ratio (PCR) of the Bank increased by 117 basis points to 81.57% from 80.40% recorded last year Return on Assets (RoA) has risen sharply YoY from 0.16% to 0.38% while as the Return on Equity (RoE) has more than doubled YoY to 6.98% from 3.23%. The total net advances of the bank stood at Rs 68341.84 Cr as on September 30, 2021 compared to Rs 66841.73 Cr recorded last year. The total deposits rose by around 6% to Rs 106267.35 Cr from Rs 100469.15 Cr recorded during the corresponding quarter last year with CASA figure at 55.34 % as against 53.32 % recorded on September 30, 2020. Attributing the improved bottom-line to the growing synergy between Bank’s strategy, operations and supervision, Chairman & MD R K Chhibber expressed his satisfaction over the results delivered by the Bank. “It’s a good result in given circumstances. We are poised for a long-term growth as the numbers clearly reflect the momentum steadily gaining across our performance indicators. With a stronger and healthier balance-sheet, we can foresee conditions obtaining favorably for realizing our short-term business objectives besides meeting the longterm challenges”, the CMD said. “Every measure is put in place to improve the asset-quality and so far we have successfully maintained the quality of our loan book. We are also maintaining the NPA coverage ratio at over 80 percent”, commented the CMD. “We have maintained the double-digit growth of over 11% in advances in our core operational geography of J&K;, which forms the major bulk of our business besides affording us a very strong deposit profile with one of the best industry-wide mix of CASA and Term Deposits that are mostly retail and thus stable”, said the CMD. Result PDF